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HomeMy WebLinkAbout2788 !.trader's written -.g cement or applicabb law. Borrower shat pay the amount of dii mortgage lasurancx pr+etaitints in the manner provided under paragraph) 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agroe to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest front the date of disbursement at the rate payable from Limo- to time on otttstaradirag principal under the Note unless psyttteat of interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. 8. iwspectiow, lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. , , ; • } 9. Cowdeatwation, The proceeds +f any avrard or claim for damages, dircet or consequential, in connection with any t cotidcmnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are het+eby assigned and stall be paid to lender, 1~~ the event of a total taking of the Property. the prckeeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Bormwer. In the event of a partial taking of the Property. unless Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the ptoeeods as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with~the balance of the proceeds paid to Borfotirtr: if tlte'prQperty is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to mate an award t+lr~~aseet~k a claim f6r damage., B~~rrower fail. to res~nd to Lender within 30 days after the date such notice is mailed, Ledder' is authorized to ccdject and apph• thr proceeds, at Lender's option, either to restoration or repair of the Property or to the. spm, secured liy"this Mortgage. L11tIRss Lender a~Borrower'olhetwise agree in s?•rinnF. any such application of proceeds to principal shall not extend or postppne )11e due date of ~ monthly installments referred to in paragraphs 1 and 2'hereof or change the amount of such inuallment>~ 11: Eor~+ower Not Reks~ed. Extension of the time for payment or modification of amortization of the sums secured by this•Mortgage granted by i.ender to any cttccesscir in interest of Borrower shall not operate to rckax, in any manner, the liability of the original Botmwer and Borrowers successors in interest. Lender shall not be t+egttired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizatiar of thr sums secured by this Mortgage by reason of :my demand made by the original Borrower and Borrowers successors in intereu. 11. Rorbearance by Lewder Nof a Waiver. Any forbearance by 1_cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens ur charges by Lender shall not be a waiver'of Lender's . right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. RewtKdies CtrrnYlathe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or sttc.essively. 13. SYCCessors sad Assigns Bound: ,Joint awd Serenll i.iabr7ity; Captbws. The covenants and agreemen s herein contained shall bind, and the rights hereunder shall inure to. -the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be teed to interpret or define the provisions hereof. 14. Notice. Except for any noticr rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Bc•rmw•er mav_ designate by notice to /.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt. requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bormwer or Lender when given in the manner designated herein. 15. Uwfforw Morigsge: Gorerairag Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed he the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect li other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Eorrower's Copy. Borrower shall he furnished a conformed copy- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assnmption. If aU or any part of the Property or an interest therein is sold or transferred ! by Borrower without Lender's prior wrincn consent. excluding (ai the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creaUOn of a purchase m~•nrr security interest for household appliances, /c) a transfer by devise. ~ dexent or by operation of law upon the death of a i~~~nt tenant or (dl the grant of any leaxhold interest of three years or less , not containing an option to purchax. Lender may, at I.cnder'c option. declare all the sums secured by this Mortgage to be immediately due. and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer. Lender f and the person to whom the Property is to be sol.l or transferred reach agreement in writing that the credit of such person _ { is satisfactory to I~nder and that the interca pa}•able on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by i~nder, Lender shall release Borrower from all i obligations under this Mortgage and the Note. - If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancc H ith € paragraph 14 hereof. -Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within { which Borrower may pay the sums declared due. If Borrower fails to pay loch stems prior to the expiration of such period.. £ Lender may, without. further notice or demand on Borrower. invoke any remedies permitted by paragraph i ti hereof. Note-UNIFORM CovtrtvxHrs. Borrower and Lender further covenant and agree as follows: ~ 18. Accekratiow; Rewedies, >Except as provided in pars~graph 17 hereof. s*ow Eorrower's 6reaci of say coeasat or agreewewt of Eorrower iw t6b Mortgage. iwclYdiwg the covewsnts to pay when dYe any wars strcYred (sy fhb Mortgage. Leader prior fo aceekrstbw shall! mail notice to librrower as provided iw psragnph 14 hereof specifyiwg: (1) the breaeh:l2) the sctiow rtgYir+ed to cYre stttclt breach; (3) a date, root less than 3A days Prow the rite the wotice la waged b lorrower. by which sYCh br+eac6 wYSt 6e tYred; awn (4) that fsilYa to cYre sYCh breach oe or hetoro the date s*eefded ~ the notice way resYft ie acceleration o[ the sYtws secured by fhb Mortgage. foreclosYre by jYdieial ~roceedLg stti sale of the Property. The aotiee shall further iwforw Borrower of the right to reiwsfate after sccekratiow ad the right to assert iw the torechtwre proceeding the wow•existewce of a detsYk or wry other defewse of Eorrower to acceleratbw swd toreclowre. N the breach b root cYred a - ` or before the date specified hr the notice. Lender at !.Boner's ortiow way declare ai of the stews stecYred by this Motrtgtt~ a tb be imaredistely dYe awn payable wifboYt tYrther.demand and may foreclose fhb Morlptge itay judicial prYeeediaR. Lendrr shall be eotitkd to collect iw sYCh proceediwg sN a:penses of foreclosYre. huhrdiag, bYt root Wwitd to, rraroashle attnrner's fees. I atd costs of wrc.~wewtary evidence. sbstrscb sad title reports. 19. Eonowes's Right to Rehtstate. Notwithstanding Lenders acceleration of tfx sums secured by thts Mortgage, Borrower shall have the right to have any proceedings began by tender to enforce this Mortgage discontinued at any time BOOK 303 PAGE2784 ~ -